09-13-2023 Council Packet - Laserfiche WebLink

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As noted below, the City of Little Canada had the 4th lowest tax rate in Ramsey County in 2023. Based on either levy increase 7.06% or 10.79% it is estimated the City position will not change by much and will continue to trend toward the lower end of the spectrum. 11.53 23.63 24.05 25.49 25.86 25.86 28.16 30.26 31.80 33.86 35.17 36.08 37.29 39.80 40.55 40.76 42.71 50.61 61.70 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 Ways to reduce the Levy:  Utilize existing fund balance. At the end of 2022 unassigned fund balance $3,039,880 or 62.6% of 2023 Budget. City Policy 42.5% - 65%. State Auditor Recommendation 35% to 50%.  Adopt a Safety Margin amount from 97.5% to 98.5%. This will decrease preliminary levy by approximately 1%.  Possible Police Contract Reductions - TBD  Reduce Council Contingency – Budgeted at $15,000  Reduce COLA. For each COLA rate adjustment decrease of 1%, the savings is approximately $12,810 in the General Fund or 0.31% levy decrease. COLA is currently budgeted at 3%.  Postpone the $100,000 designated for the community building – 2.38% Levy  Postpone the $36,430 Customer Service Specialist (Budgeted at 20 hours) – 0.86% Levy  Reduce Donations – Northeast Youth & Family Services - $25,535  Eliminate Expenditures relating to the Thunder Bay Host and Visit – Impact TBD  Reduce Trainings and Travel/Conferences/Appreciation Events – Impact TBD Debt Service Levy: The City issued the 2014A Bonds for building the Public Works facility. These bonds contain a levy component. Since the City has been using the Water & Sewer Capital Replacement Fund to pay these bonds instead of the levy, a motion must be passed each year to waive the debt service levy. Bond Issue Original Principal Date Issued 2024 Levy Portion per Bond Register Reduction in Levy 2024 Certified Debt Levy 2014A Bonds $3,400,000 03-11-14 $182,568.75 ($182,568.75) $0